Over the past 24 hours, the Cardano Price has seen a modest 1.56% rise amidst a wider market revival. Following the Mithril Upgrade announcement by Cardano CEO Charles Hoskinson, ADA appears to have more upside potential.
Cardano has made major headway since last Monday, with a 19.26% gain, surpassing most other notable altcoins.
Significantly, this surge has displaced the losses suffered over recent weeks, it now stands at a monthly 6.48% gain.
Despite this, the altcoin has seen a slight lapse in trading volume, falling 5.17% to $378.22M over the past 24 hours.
Hoskinson Announces “Ground-breaking” Mithril Upgrade – Cardano Price Impact?
There is no set date for the implementation of the Mithril Upgrades, but it is cited to go live later this year. However, it already seems to have influenced traders.
According to data from crypto analytics platform IntoTheBlock, the surge over the past week is attributed to significant whale activity. The transactions of those holding $100,000 in ADA or more surged over 3.5% over the weekend, reaching $8.87 billion.
This Follows Charles Hoskinson’s announcement of the Mithril upgrade, cited to “supercharge the speed and efficiency of nodes’ syncing times” using a stake-based signature scheme.
This allows applications to operate without the need to run full nodes or validate every transaction on the Cardano chain.
The upgrade aims to expand the use cases of the Cardano network by improving overall effectiveness and enhancing security. Cardano added in its community forum:
“With Mithril in action, node syncing will be faster and more efficient than ever, bringing a new level of security and decentralized decision-making to the community.”
A closer look at the charts reveals that the announcement may have had a profound long-term impact on the Cardano price.
Most significantly, it has reinforced Cardano’s renewed uptrend. Activity over the weekend has pushed the 200DMA (blue) from a side trend to a notable uptrend.
This bolsters the renewed short-term momentum seen last week as the 30DMA (yellow) crossed above the 200DMA. It seems that the recent momentum has been enough to influence the wider trend.
Therefore, It is reasonable to expect further gains in the near term as the 30DMA sits comfortably above the 200DMA as both trend upwards.
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Although traders may be eager to jump on Cardano, the true extent of the upgrade is unlikely to be seen in the near term. Fundamentally, it will lead to sustained long-term growth by increasing adoption of the Cardano blockchain.
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